Open Solutions To Raise Funds With StockOffer
GLASTONBURY, Ct. - (05/19/04) -- Open Solutions Inc., said it plansto raise as much as $20 million with an offering of one millioncommon shares. Proceeds from the offering will be used to pay downdebt and finance potential acquisitions. The company alsoregistered another 3.2 million shares to be sold by majorshareholders. The selling shareholders include: Fair Isaac Corp.,which plans to sell all of its 690,000 OSI shares; Key PrincipalPartners, the venture arm of KeyCorp., which plans to sell all ofits 647,000; Connecticut Innovations, a Hartford venture firm,which will sell 500,000 of its 672,000 shares; Axiom VenturePartners, a Hartford venture firm, which will sell 469,000 of its917,000 shares; and Aetna Life Insurance, the Hartford insurer,which will sell 435,000 of its 870,000 shares.